There is need to evaluate a niche market if you want to exploit it for profit; below are 4 critical factors that must be considered.
1.
How well defined and reachable is the market? Where can you find the largest collection of this market? Is there any publication that caters to the interest of this market? If yes, how many are there and what is the response of the market to these publications? Is there any event that brings these people together? What kind of event is it and can you leverage on such events? What Is The Level Of Internet Awareness Are they easily marketable online? 2.
Most niche are small but the competition is stiff and a newcomer will be easily swallowed.
You should consider how small is your niche and what the competition is like.
Its no use going after a niche with stiff competition.
The trick is to go after a small niche but with a lot of activities, some niche could so small but the spending power of the market worth more than a broader niche.
3.
Niche spending power.
When searching for a niche to market to, you will get some niche with unimaginable statistics.
The problem at time is that some o this niche a merely free information seekers with no money to spend.
Weight the buying pattern of the and ascertain if they actually have history of buying things and the kind of things they buy.
After all you don't want to come up with a $97 product and market it to a niche that is only ready to path with $17.
The easiest way to know this if there are sites,forums,newsletters that is dedicated to this a niche and they are paid for.
4.
How passionate is the group about this hobby? It sometimes difficult to come to terms with what exactly excite people in some certain hobby.
Lets consider arts lover, to an average person buying a piece of art work for as much as $50,000 or even a $1,000,000 seems incomprehensible but an art buff sees nothing wrong with such investment in his hobby.
1.
How well defined and reachable is the market? Where can you find the largest collection of this market? Is there any publication that caters to the interest of this market? If yes, how many are there and what is the response of the market to these publications? Is there any event that brings these people together? What kind of event is it and can you leverage on such events? What Is The Level Of Internet Awareness Are they easily marketable online? 2.
Most niche are small but the competition is stiff and a newcomer will be easily swallowed.
You should consider how small is your niche and what the competition is like.
Its no use going after a niche with stiff competition.
The trick is to go after a small niche but with a lot of activities, some niche could so small but the spending power of the market worth more than a broader niche.
3.
Niche spending power.
When searching for a niche to market to, you will get some niche with unimaginable statistics.
The problem at time is that some o this niche a merely free information seekers with no money to spend.
Weight the buying pattern of the and ascertain if they actually have history of buying things and the kind of things they buy.
After all you don't want to come up with a $97 product and market it to a niche that is only ready to path with $17.
The easiest way to know this if there are sites,forums,newsletters that is dedicated to this a niche and they are paid for.
4.
How passionate is the group about this hobby? It sometimes difficult to come to terms with what exactly excite people in some certain hobby.
Lets consider arts lover, to an average person buying a piece of art work for as much as $50,000 or even a $1,000,000 seems incomprehensible but an art buff sees nothing wrong with such investment in his hobby.
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